6 STEPS YOU NEED TO TAKE BEFORE BUYING A HOME

If you’re thinking about buying a home, now is the perfect time to “warm up” for the house hunt. Whether you’re looking for a house or a condo the prep work is the same. A little work now can give you a jump-start to achieve your housing goals.

Check your credit score. Typically, you’ll get the best interest rate on a loan if your score is 740 and above. If your credit score falls short, get busy repairing it.
Don’t open new credit cards. Tempting as saving at checkout can be, opening new credit may hurt your chances of getting a mortgage, or at least of getting the best rate on a loan.
Set aside money in your savings. There’s the down payment to consider, closing costs, and moving costs. You should also set aside money for unexpected repairs and costs.
Keep tabs on interest rates. Rates depend on your financial picture and on the lender you choose. Note that closing costs can vary too, so discuss with your real estate agent ways to keep yours down.
Find a mortgage lender. Look at what they offer, costs, points, and how long to close. Once you know how much you can afford, perform your home search based on your preapproval amount or less.
Get preapproved. When a lender gives your financials the once-over and preapproves you for a mortgage, you’ll be able to show sellers that you really can buy their house.